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Paper #004942 :: Wall Street Capitalism: The Rich Get Richer and Poor Get Poorer
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This paper examines American economic policies over the past twenty years.

Written in 2002; 2,515 words; 3 sources; MLA; $ 76.95

Paper Summary:

This paper takes issue with the economic policies of the past twenty years, arguing that the so-called Wall Street "wealth effect" has left more Americans impoverished and in-debt than ever before. This paper looks at the Federal Reserve, the new economy of the 1990s, and the election of Regan in 1980 to demonstrate the problems and inequalities of current economic policies. The policies that favor the wealthiest Americans are also examined and analysed in order to support the author's thesis that the current system does not benefit anybody but the wealthy.

From the Paper:

"In the past ten years, the health and well-being of the American economy and its citizens has been increasingly measured by the performance of financial assets, or ?Wall Street.? If the stock and bond markets are doing well, the country must be too. If the markets are hurting and down, then a recession and pain for all of us is just around the corner. This is so, we are told by the media, because just about everyone has a piece of the capitalist market action now through their company pension plans, 401Ks, mutual funds, and individual portfolios of stocks and bonds. Main Street and Wall Street are inexorably linked in the minds of the public, and it is a fairly common view that Wall Street must be watched, protected, and supported at all costs. In March, 2001 this is more than ever extremely evident in current events, as we are now told that overall consumer confidence has moved in lockstep with the speculative NASDAQ technology index for the past year and that the weak financial markets are deepening the recession. The ?wealth effect,? both positive and negative, is an accepted apart of the economic vocabulary. The conventional wisdom has been that Alan Greenspan, through care, concern, and a hands-on management of the American economy, has brought about a period of unprecedented prosperity under this ?Wall Street Capitalism? of the 1990s. After all unemployment and inflation have both been near historic lows, while national income, national wealth, and consumer confidence (until recently) have never been higher. The economy has been neither ?too hot? or ?too cold,? and progress and economic growth both steady and stable. Further, the Federal Reserve Board, that small, independent, and apolitical group of bankers who control interest rates and manage economic growth, have been doing a superior job with the American economy."

Tags: bonds capitalism effect greenspan reagan stocks street wall wealth federal reserve board economy recover growth net worth taxation funds election chairman regan unemployment inflation

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